Bitcoin Dethrones Russian Ruble in Valuation Amid Global Tensions
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
The benchmark cryptocurrency has now dethroned the Russian Ruble in global currencies rankings based on market capitalization, as the Ruble slumps to a three decade-low, after attracting hefty sanctions from global authorities on its invasion of Ukraine.
A sharp recovery of almost 15% yesterday also helped the cryptocurrency enter the top 15 rankings and subsequently climbed above the Mexican peso and Thailand’s baht. Bitcoin is also more valuable than the Saudi Arabian riyal, the Israeli shekel, and the Swedish krona.
That said, the next currency for BTC to beat is the Swiss franc, which currently has an approximate capitalization of 29,021,260 BTC. With Bitcoin’s total circulation at 18,971,225 coins at press time, a 52% spike (under the prevailing conditions) would help BTC dethrone the franc and advance itself along the global financial ladder.
Taking Bitcoin’s capitalization into account, the benchmark cryptocurrency is currently the ninth-largest asset globally and is more valuable than Berkshire Hathaway, Nvidia, Meta, TSMC, Tencent, Visa, UnitedHealth, and all the palladium in the world.
In a surprising turn of events, BTC has posted its sharpest single-day rally since March 2020, after posting a 14.54% spike yesterday. The rally came due to a combination of factors, including heavy monetary sanctions on Russia, which boosted investors’ risk appetite.
Key Bitcoin Levels to Watch — March 1
The primary cryptocurrency peaked at the $44,250 high, a two-week top, before correcting softly to the $43K support. Nonetheless, BTC has since rebounded near the $44K level as it currently trades around the $43.7K axis.
Notably, this rally comes after a solid double bottom pattern around the $34K support over the past weeks. With the prevailing market conditions, I expect to see additional bullish rallies into the $45.6K – $44.6K pivot area in the coming hours and days.
Meanwhile, my resistance levels are at $44,000, $45,000, and $46,000, and my key support levels are at $43,000, $42,000, and $41,000.
Total Market Capitalization: $1.92 trillion
Bitcoin Market Capitalization: $825.8 billion
Bitcoin Dominance: 43%
Market Rank: #1
You can purchase Lucky Block here. Buy LBlock
